A Charles Schwab study showed that the cost of waiting for the perfect moment to invest typically exceeds the benefit of even perfect timing. At the Daily Journal Corporation (DJCO) annual meeting on 16-Feb-2022, the 98-year-old Charlie Munger answered questions:

In my whole adult life, I’ve never hoarded cash waiting for better conditions. I’ve just invested in the best thing, I guess, I could find. And I don’t think I’m going to change now. And the Daily Journal’s used up its cash.

Now Berkshire has excess cash. Quite a bit of excess cash. But it’s not doing that because it knows how to time investments. He just can’t find anything he can stand buying.